Former directors of long-term owner-occupier North America Travel Service have sold the 6,600 sq ft Leeds office asset to Regional REIT.

Fox Lloyd Jones worked for the ex-NATS directors on the disposal of the 6,617 sq ft Victoria Road building, following the firm’s relocation to Water Lane.

Regional REIT is externally managed by pan-European real estate investment management firm ESR Europe.

ESR said the acquisition represents a strategic move in a long-term investment strategy to consolidate and enhance its existing Central Park holdings immediately adjacent and offers short term re-letting potential.

The Kennedy Building occupies a prominent 0.24-acre site at 48 Victoria Road, directly adjoining Central Park, a substantial multi-let office development already under Regional REIT’s ownership.

Brought to market in February this year, the building attracted considerable interest for a wide range of uses both as existing and subject to redevelopment.

In the immediate term, Regional REIT plans to bring the building to market for lease, while concurrently developing long-term plans for site redevelopment. These plans have been unlocked by the recent lifting of HS2 safeguarding in the area, opening up new opportunities across Leeds’ South Bank regeneration zone.

Eamonn Stones, senior asset manager at ESR Europe, said: “This acquisition marks an important step in our wider growth strategy to assemble and optimise Central Park. The Kennedy Building enhances our footprint and unlocks future potential for redevelopment.”

The vendors were directors of Kennedy Travel (Yorkshire) Ltd trading as NATS, which was then acquired by Brooklyn Travel.

Nick Salkeld, director at Fox Lloyd Jones, said: “We’re pleased to have secured a successful outcome for our clients, marking a new chapter for the building and NATS who have been owner occupiers since 1998.

“The opportunity generated strong interest from both owner occupiers and developers due to its lot size as a freehold HQ office offering development potential in this exciting area of the city.”